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Effect of fiscal changes on inflation neutral — Central Bank

According to Governor of the Central Bank Elvira Nabiullina, the budget rule does not change

ST. PETERSBURG, July 4. /TASS/. The Bank of Russia assesses the effect of fiscal innovations on inflation in the country as neutral, Governor of the Central Bank Elvira Nabiullina said at a press conference within the framework of the Financial Congress of the Bank of Russia.

"The effect of tax innovations on inflation is neutral because non-oil and gas revenues go to expenses. In other words, funds withdrawn from the economy on account of the rise in taxes return back to the economy. The budget rule does not change," Nabiullina said.

Secondary effects are probable that are associated with the new taxation system having the different influence on the behavior of the population and the business, she added.

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Central Bank of Russia

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